Ravi Chandran
Edmund Tie, the sole marketing agent for the sale of 333 North Bridge Road, announced on Sep 24 that it is pleased to offer the prime commercial building for sale by tender.
Prominently located on a corner plot with dual frontage along North Bridge Road and Cashin Street, accompanied by views of the iconic Raffles Hotel across, the property occupies a prime spot in one of the most exciting and vibrant work-live-play precincts in the city centre.
The 9-storey commercial building enjoys a 999-year leasehold tenure and occupies a site area of 435.2 sq m (approximately 4,684 sq ft) with a total gross floor area of 2,698.7 sq m (approximately 29,049 sq ft). There is a further gross floor area of approximately 299.0 sq m (approximately 3,218 sq ft) that may be built, with no development charge payable. According to 2014 Master Plan, it is zoned for ‘Commercial’ with a plot ratio of 5.2 and building height of up to 16-storeys.
Situated in a prime location and well-served by a wide host of amenities that is readily available in the vicinity, the property enjoys excellent accessibility being served by four MRT stations located within a 500-metre radius – the Raffles Place financial district and Orchard Road shopping belt are both just an MRT stop away. Major expressways located within proximity includes Nicoll Highway, East Coast Parkway, Pan Island Expressway and Kallang-Paya Lebar Expressway.
Key landmark developments in the neighbourhood of the prime commercial building includes Raffles City, CHIJMES, The South Beach, DUO, Funan, The Capitol, Suntec City and Marina Square. Already a bustling and vibrant precinct, the area is set to become even more exciting with the upcoming development of Guoco Midtown, the new Shaw Tower and two condominium developments located at Middle Road and Tan Quee Lan Street by Wing Tai and GuocoLand respectively.
Executive director of investment advisory, Swee Shou Fern, commented, “This is a rare offering of a centrally located commercial building with naming rights and prominent frontage. We expect keen interest from companies seeking to own a corporate office with a strong presence in the city centre as well as investors looking to invest in a prime commercial asset with outstanding location attributes. The astute developer may also consider redeveloping the property to maximise the gross floor area and explore a strata sale of the new development. Given its central location, the Property is also ideal as a private members’ club or an embassy, subject to authorities’ approval.”
As the property is zoned commercial, it is not subject to additional buyer’s stamp duty or seller’s stamp duty and is eligible for purchase by both local and foreign buyers.
The indicative guide price for the prime commercial building is in the range of $80m.
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The tender exercise for 333 North Bridge Road will close on Tuesday, 5 November 2019 at 3pm.
An earlier report by JLL said that the biggest gainers following the new property cooling measures will likely be owners of commercial buildings. Mr Paul Ho, Chief Mortgage Consultant at iCompareLoan, said that despite the property curbs introduced by the Government last year, Singapore is still an attractive residential market for investors.
Properties such as the freehold city-fringe commercial building may be bought under personal name, but total debt servicing Total Debt Servicing Ratio (TDSR) will apply on the individual’s income on such purchases. To buy a commercial or industrial property under company name, total debt servicing ratio TDSR also applies on the individual director’s income if the company is an investment holding company or an operating company that is loss-making or does not have sufficient cash flow to servicing the repayment.
Although the property market exuberance has been curbed to some extent with the property cooling measures introduced last year, Singapore as a property market investment destination still remains among the top – shoulder to shoulder with other cities in the world like London, New York, Shanghai and Sydney.
“We have to be mindful that there is a lot of excess capital fluidity here and at 1.9 – 2 percent, Singapore has one of the lowest interest rates for home loans in the region,” he added.
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The prime commercial building will be especially attractive to investors because of its location, as investment properties of such nature are scarce in that area.
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